In the Spotlight

In the Spotlight

ESG: HILS Development launches educational initiative together with Destiny Park
ESG: HILS Development launches educational initiative together with Destiny Park 900 600 BUCHAREST REAL ESTATE CLUB


ESG: HILS Development launches educational initiative together with Destiny Park

HILS Development, the residential developer with a track record of 11,000 units in Bucharest, recently announced an innovative initiative together with Destiny Park, the first edutainment park from Romania. HILS Development complements the game-based learning universe of Destiny Park with “The future built by children”, an experience that simulates the development of a residential project where children can discover crafts such as a builder, bricklayer or crane worker. By playing, children can learn new trades while developing important skills such as agility, motor skills, responsibility, and teamwork.

The initiative “The future built by children” is part of the strategic pillar of HILS Development of community involvement through education. The developer of residential and mixed-use projects under the concept of a city of 15 minutes, with 6 large projects and a community of over 25,000 people, has the mission to provide access to quality living for as many inhabitants as possible. Involvement in the community beyond residential development, from new facilities to support new approaches to education, health, and sport, contributes to the creation of modern, healthy, and sustainable communities.

“We have been building and actively engaging in the community for 19 years, with plans for the next 15 years. As we grow, we believe that it is increasingly necessary to engage and support all important aspects of a community. We believe in the power of education through play and have joined Destiny Park to complement the world led by the little ones with the trades in our field``, ???? ????? ????, ???? ?? ?????????, ???? ???????????.

In the context of the growing importance of ESG, companies are paying attention to all the components, not only the environmental / sustainability issues. The social component of ESG covers human rights and equity, the company’s relationships with individuals, groups and society. Recognizing that businesses operate within the context of a society that is inequitable and taking measures for this fact represents a successful adaptation for the social pillar of ESG. The joint initiative of HILS Development and Destiny Park brings on the market a good practice for incorporating the social pillar in the ESG strategy.

H Știrbei Palace to place Romania on the international map of luxury shopping destinations
H Știrbei Palace to place Romania on the international map of luxury shopping destinations 1067 600 BUCHAREST REAL ESTATE CLUB


H Știrbei Palace to place Romania on the international map of luxury shopping destinations

Real estate investor-developer Hagag Development Europe and consultancy company CBRE Romania have recently signed an exclusive agreement regarding the leasing strategy for H Știrbei Palace, Bucharest’s newest luxury destination.

Romania’s luxury goods market is estimated to generate revenues of EUR 535.82 million this year, the demand being fuelled by an increasingly wealthier population. In this mandate, CBRE Romania is focused on attracting premium and luxury retailers, responding to significant demand from this segment. The increased interest shown in recent discussions confirms the robust potential of the Romanian market.

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The luxury retail market in Romania is on a continuous rise, with Bucharest becoming an increasingly attractive destination for premium brands. This trend is fuelled by the development of prestigious real estate projects, including 13 new five-star hotels planned by 2028, which will host brands such as Corinthia, Mondrian, Hyatt, and Kempinski. According to a market report published by CBRE Romania, there was an increase in prime rents for high-street locations in the first quarter of 2024, reflecting the dynamism of this segment.

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America House Office Building Welcomes VSR Canada and Ebury as New Tenants
America House Office Building Welcomes VSR Canada and Ebury as New Tenants 900 600 BUCHAREST REAL ESTATE CLUB


America House Office Building Welcomes VSR Canada and Ebury as New Tenants

18.06.2024

America House announced the addition of two multinational financial services companies, VSR and Ebury, to its tenant mix. These multinational companies, known for their expertise in the financial services sector, have leased a combined 1,500 sqm of Class A office space, further enhancing America House’s vibrant business community.

VSR Canada, a leading multinational financial services advisory firm, has chosen America House as the new headquarters of its Romanian branch, VSR Bucharest. This move underscores VSR’s dedication to excellence and a client-focused approach, aligning well with America reputation for quality and innovation.

“Selecting America House meets our need for a prestigious, well-equipped, and sustainable office space in Bucharest. As our team expands in Romania, America House will provide an ideal business environment for both our staff and our clients,” said Mr. Michael Taylor, President, VSR Canada.

Ebury, a global fintech company specializing in cross-border financial services, has also chosen to secure an office space within America House. Ebury’s advanced solutions help businesses navigate international markets efficiently. Their arrival highlights America House’s appeal to forward-thinking companies that value a strategic location and modern amenities.

“We are pleased to announce the choice of a new location for our Romanian team, in Victoriei Square, Bucharest. This move reflects our continued growth and commitment to providing a positive and collaborative work environment for our expanding team. Additionally, the prime location in Victoriei Square will make it easier for us to welcome and serve our increasing clients base,” said Kees Veerman, Managing Director for Europe, UK, Switzerland, and Canada at Ebury.

Bogdan Bogatu from Cushman & Wakefield and Raluca Misu from Țuca Zbârcea & Asociaţii assisted America House in finalizing the lease agreements.

“We are delighted to welcome VSR Canada and Ebury to America House. Our focus on innovation, smart technologies, vibrant amenities, and green terraces creates a unique lifestyle that inspires creativity and promotes a balanced work-life environment,” commented David Hay, founder, and CEO of ADD Value Management SRL.

Rustler finalizes the sale of a historic villa
Rustler finalizes the sale of a historic villa 1200 594 BUCHAREST REAL ESTATE CLUB


Rustler finalizes the sale of a historic villa

12.06.2024

Rustler Properties successfully finalizes the sale of a historic property downtown Bucharest. This villa stands out for its architectural style, authenticity and historical value, as original elements were preserved during the renovations at the time of the building’s restoration.

The property has an area of ​​800 sqm arranged and its uniqueness is highlighted by the interior design that respects the same architectural style: flooring and original solid wood paneling, silk wallpaper and stained-glass windows.

Daniel State

Managing Partner – Rustler Romania

This transaction represents a significant step in the expansion of our company’s portfolio of real estate consulting services, confirming the commitment we expressed to our clients with the launch of the RUSTLER Properties division 2023.

The transaction was coordinated by Cristian Marinoiu – Head of Land & Residential Agency, with over 20 years of experience in Real Estate Brokerage and Consultancy, specializing in the transaction of land, residential complexes and premium residential properties.

Rustler Properties manages a portfolio of over 500 properties, located both in Bucharest and in the country, which can be found on the dedicated page: www.rustlerproperties.ro.

BREC Partner Event: reConstruct 2024
BREC Partner Event: reConstruct 2024 1143 600 BUCHAREST REAL ESTATE CLUB


BREC Partner Event: reConstruct 2024

04.06.2024

This year’s edition of reConstruct to take place Thursday, 6th of June, will focus on the trends in the market, on the efforts of the players to respond to the demand and to anticipate the trends in terms of construction, innovation, furnishing, both in homes, but also in the spaces where we work, shop and we try to spend our free time.

Among confirmed speakers we mention Antoniu Panait – Vastint, Mihai Paduroiu – One United Properties, Geanina Ungureanu – CPI Romania, Catalin Nastasoiu – Genesis Property and many others.

For the agenda and complete line-up of speakers click here: IC Events

DP World Romania opens a new branch at One Cotroceni Park
DP World Romania opens a new branch at One Cotroceni Park 812 600 BUCHAREST REAL ESTATE CLUB


DP World Romania opens a new branch at One Cotroceni Park

23.05.2024

One United Properties announces that DP World Romania, a global leader in logistics and supply chain solutions, is expanding its business operations within Romania and is opening an office at One Cotroceni Park. The new lease agreement followed an efficient real estate process led by CBRE Romania and spans a term of 10 years, covering a surface area of 700 sqm.

In Romania, DP World started its operations in 2004 with the most important container terminal in the Black Sea. Opening an office in One Cotroceni Park is a move driven by the expansion of the logistics activity in Romania, marked by opening of a new freight forwarding branch in Bucharest.

Mihai Păduroiu

CEO Office Division, One United Properties

“We are thrilled to welcome DP World to One Cotroceni Park. This partnership underscores our commitment to providing world-class, sustainable work environments that cater to the evolving needs of modern businesses. We believe that our innovative approach and prime location will greatly support DP World’s expansion and success”.

One Cotroceni Park is recognized as a landmark office hub with a remarkable commitment to sustainability and employee well-being. The business park hosting the headquarters of many well-known international and local companies active in the field of tech, IT, logistics, energy and production has shaped up as the new modern office community on Bucharest’s map. LEED Platinum and WELL Health and Safety certifications attest to the development sutainability and minimal environment impact, as well as the well-being of tenants, providing not only green workspaces, but a wide variety of amenities on site as well, all designed to support the productivity and health of its occupants.

Ana Vicoveanu

A&T Office Consultant, CBRE Romania

“We are delighted to have played a role in facilitating this strategic move for DP World Romania. This move reflects their ambitious plans for further expansion and solidification as a key player in the Romanian logistics industry. One Cotroceni Park’s innovative design, featuring best-in-class sustainability elements and fostering a collaborative work environment, perfectly aligns with DP World Romania’s vision.”

DP World’s investments made in Europe in recent years have included port expansion programs in six of the continent’s 11 major terminals, including Antwerp (Belgium), Novi Sad (Serbia) and London Gateway (UK). DP World has invested over 200 million euros in Romania, starting in 2004, the amount including grants from the European Union.

Redport Capital announces new 13 million EUR investment
Redport Capital announces new 13 million EUR investment 1133 600 BUCHAREST REAL ESTATE CLUB


Redport Capital announces new 13 million EUR investment

22.05.2024

Romanian real estate developer Redport Capital announces construction start for the third phase of The Level project: adding another 105 apartments to this modern residential neighborhood.

The third phase of the project located in the North of Bucharest, in the immediate vicinity of the OMV-Petrom headquarters, will cover an above-ground build surface of approximately 10,000 sqm. By the end of 2025, the project will offer another 105 units: studio, two-, three- and four-room apartments, of which more than 70% are already pre-contracted. The compound will have 136 underground and above-ground parking spaces and over 300 sqm of retail spaces, which will serve both future residents and other residents of the neighborhood.

Cosmin Savu – Cristescu

CEO, Redport Capital

“This ambitious project, initiated in 2017, reflects our confidence in the potential of the Străulești area. The Level Apartments III represents a new chapter in the project’s story, bringing significant technological improvements and reinforcing our commitment to sustainability, while providing easy access to modern amenities.”

The value of the investment in Phase III exceeds 13 million EUR, which will be financed from own funds and bank financing approved by First Bank, the latter covering 8,700,000 EUR, of which 1 million EUR are dedicated to the credit line for VAT.

REIT legal initiative submitted in the Romanian Parliament
REIT legal initiative submitted in the Romanian Parliament 900 600 BUCHAREST REAL ESTATE CLUB


REIT legal initiative submitted in the Romanian Parliament

Following the joint initiative of Bucharest Real Estate Club – the main industry’s association – and Bucharest Stock Exchange to promote the regulation of Real Estate Investments Trusts (REIT) on the Romanian market, the legal initiative was submitted in the Parliament earlier this month.

22.04.2024

REITs are investment vehicles which facilitate the access of individuals and legal entities to a diversified portfolio of real estate properties. Through these entities, investors can access and invest in real estate in a simplified and efficient manner. An important aspect of REITs is that they are listed companies on a regulated exchange, which ensures transparency, liquidity, and proper oversight for investors.

The lack of an appropriate legal framework for REITs in Romania constrains the development of this market, depriving the Romanian economy of the opportunities created by this type of instrument, such as the existence of a new source of stable financing.


Despina Ponomarenco, President of BREC

“Globally, the estimate for the value of REITs is 3,000 billion Euros. Regarding the EU member states, Romania, Croatia, Estonia, Latvia, Lithuania, Malta, and Slovakia are the only member states that have not regulated a specific tax regime for real estate investment companies. The Romanian real estate market has faced many challenges in recent years: the restrictions due to the COVID pandemic, inflation, the war on the border, the lack of predictability and, particularly for Bucharest, the urban gridlock. Under these conditions, the regulation of this instrument would attract new investors who are not present on the market.”


Adrian Tănase, CEO, Bucharest Stock Exchange

“This project takes into account the need to develop the local capital market and transform it into a viable channel for investing Romanians’ savings in real estate, a sector that is of great importance for Romania’s economy. The regulation of REIT-type instruments will attract investments both from the population and from Romanian or foreign institutional investors, thus generating an extension of economic activity in all sectors impacted by the real estate industry.”

More info on the subject:

Mai mulţi deputaţi PNL au depus un proiect pentru reglementarea anumitor categorii de societăţi active în domeniul imobiliar, care se circumscriu noţiunii de REIT cunoscut la nivel global | News.ro

EXCLUSIV Lege pregătită pentru crearea fondurilor de investiții imobiliare de tip REIT, listate la bursă și scutite de impozite. Și statul poate înființa astfel de firme | PROFIT.ro

BREC & BSE debate from December 2023 on REIT regulation –REIT REGLEMENTATION DEBATE AT THE ROMANIAN PARLIAMENT (brec.ro)

River Development has a new Managing Partner
River Development has a new Managing Partner 900 600 BUCHAREST REAL ESTATE CLUB


River Development has a new Managing Partner

17.04.2024

River Development, one of the local real estate developers, has a new Managing Partner, in the person of Oana Rădulea. Oana thus takes over the executive management of the company, from the former Executive Director, Liviu Birău.

Oana Rădulea has over 21 years of experience in the local and international real estate development industry. Before joining the River Development group of companies, Oana held for 7 years, the position of Leasing & Business Development Director at White Star Real Estate, a real estate developer active in Central and Eastern Europe.

Oana Rădulea, Managing Partner River Development

“My active contribution in the companies’ group development managed by River Development began 14 years ago, while my efforts have been mainly focused on the planning and implementation of strategies for property leasing, management and development of the portfolio of buildings in Sema Parc. Consolidating the leading position on the local real estate development market represents the main goal in the company’s long-term development process”

River Development is a real estate investor and developer with Romanian capital, with over 20 years of activity on the local market, supported by a team of professionals with extensive experience in planning, developing and managing large-scale real estate projects. River Development is developing two of the capital’s major urban reconversion projects: Sema Parc – located on Splaiul Independentei – approx. 1,000,000 sqm GBA and The Light – located on Iuliu Maniu Boulevard, approx. 150,000 sqm GBA. Both are located in the central-western area of the capital and are in different stages of development.

InteRo Property Development starts +EUR 170 million investments this year in Northern Bucharest
InteRo Property Development starts +EUR 170 million investments this year in Northern Bucharest 900 600 BUCHAREST REAL ESTATE CLUB


InteRo Property Development starts +EUR 170 million investments this year in Northern Bucharest

03.04.2024

InteRo Property Development has received the building permit for Pajurei 3 Residence, with construction works to begin in the following weeks. The developer also expects to receive the building permit for SunLight Residence, a residential project in Tunari area, in the following months.

InteRo Property Development will soon close the acquisition of MoonLight Meadows, a 4.5-hectare plot of land in Otopeni area with a PUZ. The large-scale residential project has an estimated investment value of more than EUR 80 million, developing more than 400 apartments in the upcoming years.

The three developments represent a combined investment in Northern Bucharest exceeding EUR 170 million.

Ashton Topolinski, Partner, Head of Marketing & Branding and Sustainability Lead at InteRo Property Development

“InteRo’s development strategy focuses on building projects that add value to Bucharest’s economy, enrich the livelihood of our residents and, are attractive to investors. As Romania’s Sustainable Development Strategy 2030 is approaching, we align with creating beautiful communities that are energy efficient, using a significant share of energy from renewable sources.”

With an estimated investment value of EUR 65 million, Pajurei 3 Residence is the first luxury project in Pajura, Bucurestii Noi and is expected to generate investors an average rental yield of approximately 7% (considering all price levels).

Răzvan Nica, Managing Partner at BuildGreen and lead architect for Pajurei 3 Residence BREEAM Excellent Certification

“We are in the BREEAM certification process for the Pajurei 3 Residence project, and through our dedicated approach and intensive focus on sustainability, we confidently anticipate that we will achieve the standards required to achieve BREEAM Excellent certification. Nowadays, green construction is no longer just an option, but is gradually becoming an essential requirement for modern residential developments, bringing tangible benefits in terms of energy efficiency, environmental responsibility and sustainability.”

Following an estimated investment value of EUR 25 million, SunLight Residence will be a more mid-market, affordable development. SunLight Residence will include 5 blocks with 180 spacious apartments (2-room, 3-room, and 4-room with 100+ sqm garden apartments), a children’s playground, green spaces, bicycle storages, and as well as 360 parking spots.

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